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Targeted Genetics announces third quarter 2009 results; reports net income of $0.03 per common share

December 04, 2015

General and administrative expenses for the third quarter of 2009 increased to $1.4 million, compared to $1.2 million same quarter in 2008. General and administrative expenses for the nine months ended September 30, 2009, decreased to $3.7 million, compared to $4.9 million for the same period in 2008. The increase for the third quarter, compared to the prior year third quarter, primarily reflects management incentive bonuses earned with the successful execution of the Genzyme transaction and higher legal costs associated with the Genzyme transaction offset, in part, by lower employee costs resulting from reductions in force and lower intellectual property costs resulting from our return of licensed patent rights and cessation of prosecution of patents that were not specific to our current development program efforts. The decrease in general and administrative expenses for the nine month period primarily reflects lower intellectual property costs, lower employee costs, lower stock-based compensation charges and lower shareholder annual meeting-related costs partially offset by the management incentive bonuses earned in the third quarter of 2009.

The Company's cash balance was $4.0 million at September 30, 2009, compared to $5.2 million at December 31, 2008. ???We believe that our current financial resources, together with up to an additional $3.5 million in installments payable upon completion of specified Genzyme transfer plan deliverables, will be adequate to fund operations through 2010,??? said Susan Robinson, president and chief executive officer of the Company. ???We continue to explore opportunities to maximize the value of our business and assets.???

Source: Targeted Genetics Corporation